Former Ford CEO Mark Fields Predicts Gradual EV Market Growth Amid Waning Demand

Former Ford CEO Mark Fields believes the electric vehicle market will expand slowly in the coming years as incentives fade and consumer enthusiasm cools.

Speaking on CNBC’s Squawk on the Street, Fields said he expects a “gradual growth” trajectory rather than the rapid adoption automakers once anticipated, citing the end of federal tax credits and continued challenges around pricing and infrastructure.

Fields points to pricing pressure and consumer hesitation

Fields explained that the removal of federal incentives has led to a short-term pullback in EV demand following a strong third quarter, when buyers rushed to take advantage of the remaining tax credits. He noted that while electric adoption is inevitable, the pace of that shift will be more measured than automakers initially forecast.

“I think you’re going to see a gradual growth in the EV market. I mean, let’s face it Carl, eventually you know, oil is a non-renewable resource. So you’re going to see these grow over time, but it’s not going to be at the pace that the automakers thought,” Fields said.

The former CEO also highlighted ongoing pricing issues as a key barrier to adoption. In a previous interview, Fields said that EV affordability will dictate how quickly consumers transition, warning that falling new car prices could simultaneously hurt used EV values. “When prices go down in the new car market, that makes used vehicle prices go down,” he said, adding that demand slowdowns, high interest rates, and growing competition have created uncertainty in the market, according to Ford Authority.

Industry leaders temper expectations amid policy shifts

Fields’ comments align with broader industry sentiment as automakers recalibrate expectations following the expiration of tax incentives. Current Ford CEO Jim Farley recently suggested that EV sales in the U.S. could be cut “in half or more,” dropping from previous highs of 10–12 percent to around five percent of total sales.

Analysts agree that widespread adoption will depend on stronger charging infrastructure, reduced production costs, and better consumer education about EV ownership benefits. For now, industry leaders expect the transition to electrification to be evolutionary rather than explosive, a reflection of economic and consumer realities shaping the next phase of the EV market.

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